Arsenal were even said to have made a last-ditch player-plus-cash deal that included Costa Rica striker Joel Campbell and a £13m fee to tempt the Portuguese club, but that was declined.

Sporting reportedly offered Carvalho a one-year extension on his current deal, which would allow the club to demand a significantly higher fee than the £24m they have asked for previously.

Meanwhile, Arsenal midfielder Santi Cazorla has defended Spain's tiki-taka style of football and argued it was not dead despite the international team's exit in the World Cup's group stages.

"In my opinion 'tiki-taka' is crucial for football," Cazorla told Arsenal Player. "I identify myself with the style because it was playing this way how Spain achieved success," he told Arsenal's official site.

"Everyone says this was the best football played by a national side for ages. And if you lose, that doesn't mean the style is dead. It's not that everything looks beautiful when you win or ugly when you lose."

"Spain have their philosophy, they will stick to it and I'm sure we'll succeed again very soon."